Apparel conglomerate wants to sharpen its focus on faster-growing outerwear and activewear brands

VF Corp., owner of Lee and Wrangler jeans, plans to spin off its denim business in a bid to sharpen its focus on faster-growing outerwear and activewear brands.

VF said Monday it wants to create the yet-unnamed company through a tax-free spinoff to its shareholders. The newly formed company will hold VF’s jeans business, which includes Wrangler, Lee, Rustler and Rock & Republic, and its 80 VF outlets. These businesses generate about $2.5 billion in annual revenue, the company said.